The United Arab Emirates (UAE) is intensifying its economic bonds with China and India through BRICS alliance, aiming to facilitate significant development in blockchain technology and digital currency.
The United Arab Emirates (UAE) is strengthening its economic relations with China and India, leveraging cooperation through the BRICS association – a grouping of five major emerging national economies: Brazil, Russia, India, China and South Africa.
Significant Development in Digital Currency and Blockchain
In this era of digital transformation, the UAE is looking to facilitate significant development in blockchain technology and digital currency. The country is focusing on enhancing its digital economy by developing its technological sector, with special emphasis on blockchain technology and digital assets, including cryptocurrencies.
The UAE’s recent partnership with BRICS is a strategic move to solidify its position in the digital economy. Through this collaboration, the UAE aims to learn and inherit best practices from these technologically advanced countries, particularly China and India, the two most populated countries with burgeoning digital economies.
Related: Brazil's Minister Forecasts BRICS Nations Rising to G20 Influence Level
Role of BRICS in Boosting UAE’s Digital Economy
BRICS, being a consortium of emerging economies, plays an important role in contributing to the global economy. The collaboration with BRICS can provide the UAE with an exclusive platform to boost its digital economy and to accelerate the adoption of blockchain technology and digital currencies.
China’s significant experience with digital currencies, especially with its digital yuan, and India’s expertise in blockchain technology could provide valuable insights to the UAE. This would further enable the UAE to develop a comprehensive framework for digital currency and blockchain technology.
Related: China's Stance with BRICS Amid US Trade Dispute: An Analysis
UAE’s Commitment to Digital Transformation
The UAE has been proactively working towards digital transformation. The country’s commitment is evident in its various initiatives and strategic plans like the UAE Blockchain Strategy 2021. The strategy aims to capitalize on blockchain technology to transform 50% of government transactions into the blockchain platform by the end of 2021.
Furthermore, the UAE also launched the Emirates Blockchain Strategy 2021, which aims to save AED 11 billion in transactions and documents processed routinely, reduce 398 million printed documents annually, and save 77 million work hours annually.
Related: BRICS Nations Prioritize National Currencies, Reducing Dependency on the U.S. Dollar
Impacts of UAE’s Strategic Alliance with BRICS
The UAE’s strategic alliance with BRICS will not only boost its digital economy but also enhance its position in the global market. The partnership will help the UAE to achieve its vision of becoming a world leader in adopting technology.
With the growing interest in digital currencies and blockchain technology worldwide, the UAE, with the support of BRICS, can become a hub for digital innovation. The alliance can also aid in fostering new opportunities for investment, trade, and economic diversification in the region.
In conclusion, the UAE’s strengthening of economic relations with BRICS, particularly China and India, reflects its commitment to embracing digital transformation, particularly in the areas of blockchain technology and digital currencies. This move not only positions the UAE as a key player in the digital economy but also sets a precedent for other countries to follow.
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